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Beyond the product: Rewriting the innovation playbook

Big pay-offs from dynamic and distinctive innovation capabilities

Overview

Leading businesses today focus on more than creating a better product or service. Instead, they innovate to deliver differentiated customer experiences that can lead to a 3 to 7 percent annualized revenue lift.

Success in the digital future rests on a new approach to innovation. Accenture defines leading innovators as “early innovators and value makers” who can direct a multi-faceted value proposition of superior insights, digital platforms and total solution experiences.

For businesses looking to rewrite their own innovation playbooks, we outline key steps that should be addressed in order to build the right innovation model for the digital age.

We found that
regardless of category
of innovator, industry
executives' innovation
investment allocation
profiles are relatively
the same.

But the results are remarkably different. Early innovators and value makers are yielding outsized returns on their innovation and R&D capabilities.

Our analysis breaks down innovation DNA into Accenture’s Innovation Driven Growth model. Our combined qualitative and quantitative analysis segments innovation players on what they focus their innovation on and how they execute innovation.

Moreover, our research insights define not only distinct paths to value maker, but we can also quantify financial results in leading innovation performance by industry.

They are three times as well prepared as others for Product-as-a-Service business models.

What's Next?

A decisive shift from "product push" to meeting the demand for the total experience. The "build it and they will come" approach no longer brings competitive differentiation.

Today’s world requires agile and open demand-driven value
creation that offers customers new dimensions of service and
experience to anticipate and meet their fast and frequently
changing needs.

And to succeed in this new world, companies have to rethink and
evolve their innovation "DNA". Achieving that cuts across operations and
collaboration with customers and partners. It requires a new lens on
competitors and culture, along with the ability to operate in more open
and fluid ecosystems. And it demands the ability to master multiple
development lifecycles running simultaneously at different speeds.

Recommendations

Early Innovators and Value Makers are achieving outsized returns from dynamic and distinctive capabilities. Others seeking to increase their return on innovation performance will need to make some significant changes. In Accenture’s view, that means building a concurrent innovation model that rests on three pillars:

BE SOLUTION CENTRIC While businesses clearly must continue to improve and augment their
products and services, they also need to focus broadly and deeply on the
ecosystem of customer experiences and connections

BUILD AN INSIGHT PLATFORM Create new revenue through continuously renewing combinations of products,
services and experiences that dynamically change and quickly adapt

DRIVE PIVOTAL LEADERSHIP Orchestrate, activate and influence enterprise wide change; ensure leaders at the
helm capable of seeing value where others can't, set the right course
and chart progress

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